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Bell Ringer

Bell Ringer. What was the name of the man who designed Central Park? Is Europe a country or a continent? Which part of Europe did Old immigrants come from? Which part of Europe did New immigrants come from?. American Industrialization.

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Bell Ringer

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  1. Bell Ringer • What was the name of the man who designed Central Park? • Is Europe a country or a continent? • Which part of Europe did Old immigrants come from? • Which part of Europe did New immigrants come from?

  2. American Industrialization Objective 5.02- Explain how business and industrial leaders accumulated wealth and wielded political and economic power.

  3. Era of Innovation Thomas Edison- - Invented the light bulb - People able to work at night - Worked to produce electricity Alexander G Bell - telephone (1876) - improved communication Christopher Sholes- - typewriter (1867) - more women working - 1870- 5% of women working - 1910- 40% of women working

  4. Industry Expands -Discovered vast natural resources - Laissez-Faire (big business) - Immigrants provided cheap labor to factories Oil is discovered - Discovered in Texas - Edwin Drake, uses steam engine to pump up oil - Refineries in large cities (Pittsburg, Cleveland) - called Black Gold

  5. Industrialization Bessemer Process - make better quality steel - inject air into iron, removes impurities - Makes it stronger, rust proof Steel Production - Cheaper steel - US produces more steel than any other country in the world - Used in making barbed wire, machines - Building of Skyscrapers, and suspension bridges

  6. Brooklyn Bridge-Circa 1883

  7. Andrew Carnegie - Steel industry mogul - US Steel Company - Perfected Bessemer Pros. - “Gospel of Wealth”- wealthy controls wealth John D. Rockefeller - Oil tycoon - Standard Oil Company - took over all competition - controlled 90% of oil market JP Morgan - Investment Banker - JP Morgan Investments - used Trusts to buy other companies (pooling $$$)

  8. Business Practices - Laissez-Faire (big business) - Many formed monopolies - Rich got richer, poor got poorer Vertical Integration - buy up all steps of production - Resources, Manufacturing, Retail Horizontal Integration - buy up one stage of prod. - buy all resources, - buy all manufacturing - buy all retail stores These practices created monopolies!

  9. Vertical Integration Retail $$$ Horizontal Integration Manufacturing Manufacturing Manufacturing Raw Materials

  10. Standard Oil Company

  11. Big Business Robber Barons - steal money from country to boost personal wealth - Carnegie, Rockefeller, Morgan considered Robber Barons Captains of Industry - those that give money to improve country - Carnegie, Rockefeller, Morgan considered C-o-I because they donated most of wealth by the time they died

  12. Big Business Legacy Carnegie - established colleges, schools - patron of the arts - gave away 90% of wealth Rockefeller -Rockefeller Foundation- helped start the University of Chicago, -medical institution that cured yellow fever - donated $550 million

  13. Vanderbilt Family • Controlled many of the Railroads in New York, New Jersey • Biltmore Estate- George Vanderbilt • America Largest home

  14. Robber Barons Carnegie Rockefeller JP Morgan Steel Oil Banking Carnegie Steel Company JP Morgan Investments Standard Oil

  15. Questions • Who invented the light bulb? • What was the process that made cheaper better steel? • Name the 3 major business moguls. • What type of business practice did Carnegie use to control the steel industry?

  16. Vocabulary • Thomas Edison • Andrew Carnegie • John Rockefeller • JP Morgan • Vertical Integration • Horizontal Integration

  17. Thomas Edison • Alexander Graham Bell • Andrew Carnegie • JP Morgan • John D Rockefeller • John Deere • Eli Whitney

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